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Bank of Agriculture appoints debt collectors, moves to prosecute defaulters

The Bank of Agriculture (BoA) has appointed debt collectors to retrieve money from farmers who did not fulfil their loan agreements with the bank across…

The Bank of Agriculture (BoA) has appointed debt collectors to retrieve money from farmers who did not fulfil their loan agreements with the bank across the country.

The Managing Director (MD) of BoA, Alhaji Kabir Adam, disclosed this yesterday in Kaduna at the “Train the Trainers Workshop on Plantation/Application of Seed and Agrochemicals” for farmers organised by the Federal Ministry of Agriculture and Rural Development, North West Zone.

Represented by the Zonal Manager (North West) of the bank, Salma Isa, the MD said arrangement had been concluded to prosecute defaulters in court to pay the money.

He said, “The major problem now is that a good number of farmers who receive loan have refused to pay back the money as stipulated in the agreement. If they don’t pay back, how can other farmers get the credit to enhance their activities?”

He said the debts collectors would be pushing out strategies to ensure that the defaulters brought back the money without unnecessary disagreement, and that the bank would exhaust all the normal processes before the prosecution.

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